TUESDAYDecember 6, 2022

Dear Veterinary Student,

Whether you have considered practice ownership or plan to enter the profession as an associate, veterinary business education has never been more crucial to your career. This weekly publication is designed to supplement your education by providing information on veterinary business including ownership and management, finance operations, communication, team building and emerging technologies that will shape the future of veterinary medicine.

New to the Veterinary Student Insider? Click here to sign up for free. And if you like what you read here, share it with your peers!


How might a recession impact veterinary medicine?      

As the veterinary industry faces high demand for care and a workforce shortage—trends that could intensify in the coming years—variables from recession to practice efficiency to fluctuating revenue have implications for business owners, pet owners and veterinary teams. 

The Fountain Report last week ran the first column in a series by Dr. James Lloyd, a veterinarian and economist, who will explain how these economic trends could affect the veterinary profession going forward. 

In his first column, Jim draws on a new study from the University of Florida (where he used to be dean of the College of Veterinary Medicine) and data from the AVMA to discuss what a recession could mean for the industry. 

In general, while the veterinary profession isn’t totally immune to recession, the outlook could be worse. Based on the data, “it might be said that veterinary medicine on the whole is resilient to recession but not entirely immune,” Jim writes. 

At the same time, he notes, the current workforce shortage is unprecedented. Given the historical trends, he argues recession worries shouldn’t keep the profession from expanding the workforce. 

> Read the full column here.

Three investments that can improve your practice’s service and revenue    

Practice profit centers have changed since the pandemic, but leaders can still focus on strategies to improve efficiency, company culture and revenue, Dr. Natalie Marks wrote in last week’s Fountain Report. 

For example, doctors can take a more proactive approach to patient treatment using point-of-care diagnostics. 

“When we recommend and obtain real-time diagnostics, not only are we able to give clients peace of mind and timely differential lists, but we also add the possibility of significant incremental revenue in the form of additional imaging, specific hormone or infectious disease panels, and even surgical biopsies,” Natalie writes. 

Other areas where investments can pay off are advanced surgical training for staff members, tools to make surgery more efficient and maximized use of practice management software.  

> Read the full column here.

Ontario wants to clarify the scope of practice for veterinary professionals  

Ontario’s government is considering an update to its law on veterinary practice, aiming to clarify who can provide what care in the province’s veterinary sector, Canadian Cattlemen reports. 

The provincial agriculture ministry is seeking public feedback as it tries to better define the scope of practice of veterinary professionals. This includes the procedures and services a licensed veterinarian or other veterinary professional, like a technician, is permitted to perform in Ontario. 

Additionally, the ministry wants to clarify in the law the care activities, like massage therapy or rehabilitation, that can be provided to animals by individuals other than veterinarians and veterinary technicians. 

> Read the full article here.

A shortage of veterinary professionals could make it harder to get pet care in the years ahead  

While backlogs at veterinary offices are easing, a national shortage of veterinary professionals is making it difficult for pets to get necessary care and could worsen in the years ahead, The Wall Street Journal reports. 

Even as demand for pet health care services grows, retirements and the slow rate of new veterinarians entering the profession could create a shortage of 15,000 companion animal veterinarians by 2030, Dr. James Lloyd (featured elsewhere in the Veterinary Student Insider this week) found in a report published by Mars. 

According to Dr. Lori Teller, president of the AVMA, the situation could improve by the end of the decade, at least for veterinarians. She said the bigger concern is a shortage of technicians. 

> Read the full article here.

CAETA launches Euthanasia Review Department 

The Companion Animal Euthanasia Training Academy, an education company providing training in advanced euthanasia skills and techniques for veterinary professionals, has launched the Euthanasia Review Department. 

The department aims “to help pet owners and veterinary service providers understand pet patient response to the euthanasia procedure,” according to the announcement. 

“CAETA’s objective is to provide expert assessment of companion animal euthanasia performed or authorized by veterinarians for pet owners and veterinary professionals seeking to understand the manner of a pet’s death,” said Kathleen Cooney, CEO of CAETA. 

> Read the full announcement here.

The Vet Watch Report  

Year-to-date revenue during the week ending November 26 was up 4.8% over the same period last year at veterinary practices across the country, according to the latest Vet Watch™ Weekly Insight Report from Animalytix. Total invoices were down 2.7%, and unique clients and patients were each down 1.7%. 

Month-to-date, revenue was down 3.4% from the same period last year. Total invoices were down 11.3%, unique clients were down 11.4% and unique patients were down 11.8%. 

> Read the full Vet Watch report here.

DVMetrics announces availability of CVP App for iOS 

DVMetrics has announced availability of the CVP App for iOS, allowing iPhone users access to the newest version of the app. 

The CVP (Compendium of Veterinary Products) is a database of more than 6,000 pharmaceutical, biological, parasiticide and supplement product monographs from nearly 300 companies. Users can search on the app to find out key FDA-required information on products for animals from pets to livestock to exotics. 

> Read the full announcement here.
This week’s Veterinary Student Insider was compiled by managing editor Breanna Demaline. 

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